The Regulation of Term Sales of Future Execution of Real Estate Projects was published in the official newspaper La Gaceta on Tuesday, July 20th, 2021. It regulates the sales of future execution of real estate projects, in accordance with article 44 of the Law for the Promotion of Competition and Effective Defense of the Consumer (Law 7472). These provisions will not apply to the sale of built or finished real estate properties. This regulation is in force as of the ninety calendar days after its publication in the Official Newspaper La Gaceta.
The business person or developer responsible for a project, prior to the public and general offer, must have the respective authorization of the sale plan for the future execution of the real estate project by the Consumer Support Department (Dirección de Apoyo al Consumidor). In the event of non-compliance, the Consumer Support Department will file a complaint with a request for a precautionary measure against the offender before the National Consumer Commission, which will prevent marketing and advertising and will inform consumers. For those who do not have the required authorization, this will imply responsibility for all economic agents involved in the organization, promotion, marketing and development of forward sales or future execution of the real estate project.
This ordinance contains the requirements for requesting the authorization of sale at future execution deadlines, the contracts that support the plans subject to authorization, conflict of rules with respect to Law 7472, validity of the registration of those responsible for the plans and its approval; information, advertising and supervision of the plans of sale in the future or of future execution, information to the Consumer Support Department of current sales plans to consumers, verification of the solvency of the business person or developer of the project, premium protection trust, breach of contract by the business person or developer with the promising buyer, contractual termination between the business person or developer and the promising buyer, early termination of the trust and information to the MEIC (Ministry of Economy, Industry and Commerce) of said early termination, substitution of trustee, partial nullity, mediation or arbitration between the business person or developer and the trustee, penalties, guarantee or bond deposit, execution of guarantees, procedure for registration and authorization of plans, procedure for reviewing the change in financial conditions of the business person or person responsible for the plan, changes in the real estate development plan, confidentiality, legal actions before the National Consumer Commission.
